The dethroning of the dollar as the world’s reserve currency has just been sped up with China and Russia completing a draft currency swap agreement so they can trade in their domestic currencies, cutting their dependence on the US dollar, of which 75% of their trade is currently in.
The more Obama pussyfoots around with his economic sanctions the more Putin will be forced to fire some real economic missiles back at us.
“The draft document between the Central Bank of Russia and the People’s Bank of China on national currency swaps has been agreed by the parties,” and is at the stage of formal approval procedures, ITAR-TASS quotes the Russian regulator’s office on Thursday.
The Russian Central Bank is not giving precise details on the size of the currency swaps, nor when it will be launched. It says this will depend on demand.
According to the bank, the agreement will serve as an additional instrument for ensuring international financial stability. Also, it will offer the possibility to obtain liquidity in critical situations.
“The agreement will stimulate further development of direct trade in yuan and rubles on the domestic foreign exchange markets of Russia and China,” the Russian regulator said.
Currently, over 75 percent of payments in Russia-China trade settlements are made in US dollars, according to Rossiyskaya Gazeta newspaper.
It was all wrong – why we even sopported this killers in Ukraine – right now the situation is worse for us!
ANOTHER WORST POTUS EVER SCREWUP
All planned for —- by the UN and the ONE WORLD GOVERNMENT
Thanks Obama, for your ecconomic expertise
Red Chinese Army and Russian going to wipe out every Islam Muslims from earth.
With a total lack of leadership that our country now is experiencing, and the debt increases caused by Obama’s failures, and Obama’s multitude of failures in everything he touches, no one should be surprised that our currency is failing worldwide. God help us.
THIS IS ONE THING THAT YOU CAN THANK OBAMA FOR 100%!
This is the logical result of the steps taken by the un-federal reserve. This started over 100 years ago, when corporations took economic control of our government.
The ALMIGHTY DOLLAR , going down the tubes. THanks to the DEMOCRATS.
THE DUMBO-CRATS HAVE DONE THEIR 30 YEAR PLAN, NO BAMA was the missing link ( looks like it too)